Cebu Holdings to delist on March 1

Merkado Barkada

February 27, 2024 | 8:30am

The PSE gave notice on Friday that Cebu Holdings [CHI suspended] would be delisted on March 1 [link]. CHI has been suspended since December 2021 when the company was merged with Ayala Land [ALI 35.60, down 4.3%] and ceased to exist once the merger became effective. Earlier last week, the ALI shares that were issued to CHI shareholders as payment for the company were listed, paving the way for CHI’s ticker symbol to be delisted from the PSE’s registry.

MB bottom-line: It might be a technicality, but 2024 picking up right where 2023 left off with delistings set to take a commanding lead against IPOs. With Citicore Renewable Energy Corporation [CREC] pushing its IPO off to sometime next quarter, the delistings have a small window of time to run up the score before the IPOs even get a chance to mount a response. If CREC’s IPO gets pushed back to Q3, then that might leave enough time for the Metro Global Holdings [MGH suspended] delisting process to complete if MGH continues to loiter about the exchange in violation of the minimum public ownership rule. 

–

Merkado Barkada is a free daily newsletter on the PSE, investing and business in the Philippines. You can subscribe to the newsletter or follow on Twitter to receive the full daily updates.